RR Singh likely to be new CMD of OIC
Oriental Insurance Company’s top post will be falling vacant since Feb 1 after Anjan Dey, who had already put in his papers a few days back by opting for VRS on personal health grounds
image for illustrative purpose
Mumbai: Financial Services Institution Bureau (FSIB), the government's head hunting agency for the top posts of state owned bank and insurers, has recommended the name of Rashmi Raman Singh for the post of CMD of New Delhi-based state-run non-life insurer, Oriental Insurance Company (OIC).
FSIB had interviewed five shortlisted senior officials of different PSU general insurance companies and GIC Re to select a CMD of OIC. The officials who appeared for the interview which was held on Tuesday include N Ramaswamy, general manager, GIC Re, Rashmi Raman Singh, director and general manager (GMD) OIC, M Rajeswari Singh, GMD, United India Insurance, BS Rahul, general manager, Agriculture Insurance Company, Rashmi Bajpai, GM, OIC.
Singh, who is the first OICian to take over as OIC CMD after SN Mathur, who retired as the insurer's CMD way back in October, 1999, will be retiring in Feb 2025. OIC's top post will be falling vacant since Feb 01 after Anjan Dey, who had already put in his papers a few days back by opting for voluntary retirement scheme (VRS) on personal health grounds, retires on Jan 31 after serving his three month notice period. Dey had tenure till November 2023.
After FSIB selects the candidate, it will be sent to the department of financial services (DFS) which will start obtaining vigilance clearance or reports regarding ongoing/contemplated inquiry or investigation or proceeding, if any, against the recommended person from various bodies like Central Vigilance Commission(CVC) before seeking approval of Appointment Committee of Cabinet (ACC).
FSIB, constituted under Bhanu Pratap Sharma, former secretary, Department of Personnel and Training (DoPT) has three insurance experts, Girija Kumar, former CMD of OIC, Sujay Banarji, former member of IRDAI and Usha Sangwan, former MD of Life Insurance Corporation (LIC).
Along with these three experts, the panel comprises Debasish Panda, chairman, IRDAI and Vivek Joshi, secretary, Department of Financial Services (DFS).
Now, the next round of vacancies of CMDs in the PSU general insurance companies during the year will be happening when Suchita Gupta calls it a day at National Insurance Company (NIC) and Devesh Srivastava retiring from GIC Re in September.
